Penalty for undisclosed income can be imposed under section 271AAA and not under Section 271(1)(c)
As per Section 271AAA (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1) of Section 271AAA. IN THE ITAT AHMEDABAD BENCH Dr. Naman A. Shastri v. Assistant Commissioner of Income-tax, Central Circle… Read More »